Frequently Asked Questions
Below you’ll find a working list of commonly asked questions related to Aptly’s Zero Deposit offering. If you find that your question is not here, email us at help@getaptly.com. We have a wealth of expertise at your fingertips. New questions and answers will be added periodically.
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About Zero Deposit
What is Aptly’s Zero Deposit offering?
Zero Deposit is true lease insurance, replacing traditional security and pet deposits with a small monthly fee. Instead of requiring a large upfront payment, residents pay a low monthly cost, freeing up cash while still protecting you, the property owner.
How does it benefit property managers and owners?
- Increased Leasing Velocity: Lower move-in costs can remove barriers for qualified applicants.
- Reduced Admin Work: No more managing deposit refunds or disputes.
- Added Protection: Owners receive enhanced coverage beyond traditional deposit amounts.
- Revenue Opportunities: Property managers may earn a share of program fees, depending on the partnership structure.
Zero Deposit Qualification and Coverage
Can residents opt out of the zero deposit option?
Yes. The Aptly Zero Deposit program is optional. If a resident prefers, they can still pay a traditional security deposit.
Can a resident opt out of Zero Deposit after they renew their lease?
Yes, a resident can opt out and pay a traditional security deposit. If the resident opts out at the point of renewal, Aptly will need to have a 30-day notice to cancel the policy. At that point the resident will need to pay the full security deposit. The monthly fees are non-refundable.
What are the resident qualifications and coverage?
The household must make 2x income to rent and be screened through Aptly screening to qualify for coverage. 1.5x rent will be covered as part of zero deposit policy, with a max rent of $6,666.00.
What does Aptly’s Zero Deposit cover?
- Unpaid Rent: Protection against losses from unpaid rental fees.
- Eviction Fees: Coverage for costs associated with eviction procedures.
- Above Normal Wear & Tear: Covers anything considered beyond standard wear and tear.
Do applicants need a Social Security Number to use Zero Deposit?
No SSN is needed for Zero Deposit. Applicants need to meet company requirements and the household needs to make 2x net income to rent.
If an applicant renews their lease, will their initial Zero Deposit offer remain the same?
Yes, the monthly Zero Deposit fee would continue for as long as they live in the home, and their rate would remain the same.
Rates are calculated strategically based on Aptly’s ability to assess risk and check for fraud. They vary by household depending on the application details collected. You may see higher or lower rates per tenant, but once a rate is locked in, it remains in place for the duration of the lease.
If a resident moves in mid-month, will the rate be prorated?
Yes, fee will be prorated based on move-in date.
Zero Deposit Billing
How does Aptly bill for the Zero Deposit program?
- You’ll add the monthly Zero Deposit fee to each participating resident’s ledger. This charge should be included as part of their regular rent billing cycle.
- Aptly will invoice your company monthly for all active Zero Deposit policies - based on residents who have been approved and have moved in.
- Billing is done one month in advance. If a resident moves out mid-month, Aptly will automatically apply a prorated credit to your next invoice based on the move-out date.